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Matsa Resources Limited
(Sydney:MAT)
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Rating:47Neutral
Price Target:
AU$0.04
▼(-63.33% Downside)
Action:Reiterated
Date:06/11/26
The score is held back primarily by weak and inconsistent operating performance (including historically loss-making results and low confidence in the latest profitability due to zero reported revenue) and bearish technical conditions (price below major moving averages with negative MACD). Partially offsetting this is an improving balance sheet and the recent shift to positive operating/free cash flow, though cash flow reliability remains mixed.
Positive Factors
Balance sheet improvement
Improved leverage and a bigger equity base materially strengthen financial resilience for a junior explorer. Manageable debt and a positive ROE increase capacity to fund exploration, negotiate JVs or withstand delays, reducing refinancing risk over the medium term.
Negative Factors
Volatile, weak operating performance
Persistent operating losses across periods indicate structural difficulty converting exploration activity into reliable, repeatable operating earnings. This undermines internal funding ability, increases reliance on external capital or partners and raises execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet improvement
Improved leverage and a bigger equity base materially strengthen financial resilience for a junior explorer. Manageable debt and a positive ROE increase capacity to fund exploration, negotiate JVs or withstand delays, reducing refinancing risk over the medium term.
Read all positive factors
Matsa Resources Limited (MAT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$43.70M
Dividend YieldN/A
Average Volume (3M)3.02M
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue GrowthN/A
EPS Growth-371.70%
CountryAU
Employees23
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding971,192,200
10 Day Avg. Volume2,824,082
30 Day Avg. Volume3,018,672
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)2.17
Price to Sales (P/S)0.00
P/FCF Ratio29.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Matsa Resources Limited Business Overview & Revenue Model
Company Description
Matsa Resources Limited engages in the exploration of mineral resources in Australia and Thailand. It primarily explores for gold, copper, silver, lead, lithium, tin, rare earth elements, and base metals. The company’s flagship project is the Lake...
How the Company Makes Money
Matsa Resources Limited’s primary economic model is typical of a junior exploration company: it seeks to create value by acquiring, exploring, and advancing mineral projects toward defined resources and development decisions, then monetising that ...
Matsa Resources Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.73M | 0.00 | 0.00 | 0.00 | 0.00 | 8.05M |
| Gross Profit | -25.63M | -210.02K | -1.46K | -621.72K | -103.38K | -146.48K |
| EBITDA | -21.40M | 1.60M | -3.36K | -3.78M | -3.08M | 3.23M |
| Net Income | -22.65M | 1.43M | -4.60K | -819.00K | -6.03M | -9.65M |
Balance Sheet | ||||||
| Total Assets | 37.27M | 33.13M | 23.28M | 23.23M | 22.64M | 27.83M |
| Cash, Cash Equivalents and Short-Term Investments | 3.30M | 6.91M | 1.04M | 794.30K | 1.57M | 3.03M |
| Total Debt | 10.10M | 5.96M | 5.58M | 4.68M | 4.20M | 4.40M |
| Total Liabilities | 25.84M | 12.59M | 10.21M | 9.51M | 10.10M | 12.46M |
| Stockholders Equity | 11.35M | 20.46M | 12.99M | 13.64M | 12.47M | 15.29M |
Cash Flow | ||||||
| Free Cash Flow | -15.95M | 1.49M | -3.97M | -2.60M | -4.95M | -7.41M |
| Operating Cash Flow | -11.78M | 4.78M | -3.44M | -868.81K | -3.32M | -5.30M |
| Investing Cash Flow | -4.40M | -4.01M | -477.01K | -2.05M | -959.99K | -2.68M |
| Financing Cash Flow | 18.39M | 5.11M | 4.16M | 1.63M | 2.29M | 8.72M |
Matsa Resources Limited Technical Analysis
Negative
0.12
Price Trends
0.06
Negative
0.07
Negative
0.10
Negative
Market Momentum
>-0.01
Positive
32.18
Neutral
34.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAT, the sentiment is Negative. The current price of 0.12 is above the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.06, and above the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 32.18 is Neutral, neither overbought nor oversold. The STOCH value of 34.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MAT.
Matsa Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | AU$82.81M | -11.11 | -9.31% | ― | ― | -18.92% | |
48 Neutral | AU$61.13M | -2.29 | -64.47% | ― | ― | -168.12% | |
47 Neutral | AU$43.70M | -1.56 | -142.42% | ― | ― | -371.70% | |
44 Neutral | AU$73.96M | -11.11 | -9.37% | ― | ― | -119.82% | |
40 Underperform | AU$63.14M | -7.62 | -62.36% | ― | ― | 7.11% |
* Basic Materials Sector Average
AU:MAT
Matsa Resources Limited
0.04
-0.03
-44.74%
AU:PGO
Pacgold Limited
0.16
0.10
146.15%
AU:AAM
Matador Mining Ltd
0.04
<0.01
8.11%
AU:YRL
Yandal Resources Ltd.
0.17
<0.01
3.03%
AU:PTN
Kin Mining NL
0.05
>-0.01
-15.00%
AU:VAL
Valiant Gold Limited
0.23
-0.07
-23.33%
Matsa Resources Limited Corporate Events
Matsa extends high-grade gold hits at Fortitude North in Laverton
Aug 3, 2026
Matsa Resources has reported further high-grade diamond drilling results from the Fortitude North prospect at its Lake Carey Gold Project, with intersections including 26.6m at 4.48g/t gold and several shorter, higher-grade zones. The company has ...
Matsa boosts Lake Carey drilling and Devon output as cash and governance strengthen
Jul 31, 2026
Matsa Resources Limited reported a busy June quarter at its Lake Carey Gold Project, highlighted by 3,865 metres of diamond drilling at the Fortitude North prospect and encouraging assay results that reinforce the area’s exploration potentia...
Matsa Strikes Multiple High-Grade Gold Zones at Lake Carey’s Fortitude North
Jul 9, 2026
Matsa Resources Limited has reported multiple zones of high-grade gold from the first diamond drillholes at the Fortitude North prospect within the Fortitude Shear gold corridor at its Lake Carey Gold Project in Western Australia. The intercepts, ...
Matsa Resources Issues New Shares on Exercise of Unlisted Options
Jul 3, 2026
Matsa Resources Limited has confirmed the allotment of 40,000 fully paid ordinary shares following the exercise of unlisted options by holders. The new shares have been issued without a prospectus disclosure under the relevant part of the Corporat...
Matsa Resources Applies for Quotation of New Ordinary Shares on ASX
Jul 3, 2026
Matsa Resources Limited, an Australia-based mining and exploration company listed on the ASX under ticker MAT, focuses on developing and managing resource projects for domestic and international investors. Its operations are structured around comp...
Matsa Resources Details Director Departure and Ongoing Indirect Holdings
Jul 2, 2026
Matsa Resources Limited has announced the cessation of Pascal Blampain as a director effective 29 June 2026, as disclosed in its Final Director’s Interest Notice to the ASX. The notice confirms that Blampain held no securities as a registere...
Matsa Resources Appoints New Director With No Initial Shareholding
Jul 2, 2026
Matsa Resources Limited has appointed Robert George Ryan as a director, effective 29 June 2026, and lodged the required Initial Director’s Interest Notice with the ASX under listing rule 3.19A.1. The filing confirms that Ryan currently holds...
Matsa Refreshes Board and Management to Drive Lake Carey Gold Project
Jun 30, 2026
Matsa Resources Limited has overhauled its board and strengthened its management team as it moves to fast-track development of the Lake Carey Gold Project, which currently hosts a 949koz gold resource. The company has appointed three new Non-Execu...
Matsa Receives Final A$1.65m Option Fee for Lake Carey from AngloGold Ashanti
Jun 17, 2026
Matsa Resources has received the third and final option instalment fee of A$1.65 million from AngloGold Ashanti Australia, taking total payments under their Lake Carey Gold Project tenements option arrangement, including reimbursed costs, to A$9.5...
Matsa Starts Third Gold Processing Campaign at Devon Mine
May 28, 2026
Matsa Resources Limited has commenced its third gold ore processing campaign from the Devon Pit Gold Mine, with ore stockpiled at FMR’s Greenfield plant for a 13-day processing window. Campaign 3 is shorter than the previous run due to the p...
Matsa Advances Security Arrangements on A$17.5m Debt Facility
May 28, 2026
Matsa Resources Limited has advanced amendments to its A$17.5 million debt facility with major shareholder Deutsche Balaton, primarily to formalise security arrangements over its Western Australian gold assets. The company has lodged a second mort...
Matsa Resources Moves to Scale Up Lake Carey Gold Project and Unlock Greater Value
May 5, 2026
Matsa Resources is advancing its Lake Carey Gold Project, which holds an existing resource of 949,000 ounces at 2.5 grams per tonne, by leveraging current production from the Devon Pit and toll treatment at FMR’s Greenfields mill to fund gro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.